Newspaper plant to be transformed

The former site of The Record at 150 River Street in Hackensack, NJ, is Russo Development’s first Opportunity Zone investment, and the latest addition to a residential portfolio focusing on the conversion of former industrial sites into residential communities.

The partnership of Russo Development, The Hampshire Companies and the Borg Family’s Fourth Edition Inc. will redevelop the 19.78-acre site into 650 apartments and 18,000 s/f of retail.

The property, bordered by the Hackensack River, was integrated into the City of Hackensack’s redevelopment plan in 2012.

“Taking a long-term approach to an asset that has been in our family for generations, was the right move, and we wanted to have a role in shaping its future use,” said Stephen Borg, President of Fourth Edition, whose family has owned the property since the 1940’s.

“Jon Hanson helped us partner with Ed Russo, who impressed us with his track record and long-term approach. We were very comforted that, like we do, Ed and Jon have deep roots in Hackensack.”

“Extending back almost 100 years, Hampshire’s roots have always been firmly planted in Hackensack,” said James E. Hanson II, President & CEO of The Hampshire Companies.

“We are proud to invest in the next chapter of Hackensack’s vibrant history as we look to create a transformative project.”